Why Is Product Information Management Important?

Why Is Product Information Management Important?

Product information management (PIM) provides a business with a single location to store and edit all product data. Pricing, SKUs, benefits, features, dimensions, functionality: the PIM definition ensures that all important aspects of different products are available for employees and customers alike.

The best PIM solutions will include digital asset management (DAM), which stores images, videos, and related documents. Once a business has compiled the information, they can make it accessible to all departments, ensuring that marketing, sales, accounting, the C-suite, etc. all have the same opportunity to view the product details necessary to their roles.

When employees or customers consider the array of products available from a brand, especially in a company with thousands of SKUs and dozens of product lines, it can be overwhelming to even the most organized of people. They may start to confuse one product for another, resulting in misleading language or unnecessary returns.

With PIM, it’s not only possible to verify the express differences between products, it’s also easy to learn how products should be used, when to troubleshoot them, and which marketing claims will work best to promote them. For instance, if a company was selling five similar products that only varied by size, staff might include a how-to document under each product in the PIM that explained how customers should choose one over the other. With so many product variations and competition out there, the importance of product information cannot be overstated.

Why Do I Need a PIM?

Despite the number of tools on the market, many businesses are still using siloed files and spreadsheets to keep track of their product data. This information is often spread out across the organization, with little help available for employees or customers attempting to verify one of the many product details.

To make matters worse, there are often different formats used for different product lines, which may not follow the same rules from one initiative to the next. For instance, maybe one line of products includes all benefits and features, while another line of products simply lists the dimensions and pricing.

Product information examples on the market can help employees streamline everything, allowing for brand consistency and up-to-the-second edits by authorized people in the company. This ensures accurate product data, instilling trust in the PIM and its ability to keep companies on track and moving forward.

A product information management system unites all the information in the company, taking the burden off employees to keep multiple files and folders going at the same time. New employees don’t have to search across disparate systems, but can instead turn to one centralized location to answer multiple questions.

It’s worth noting that there are few exceptions to the question of who needs a PIM. Even smaller companies can struggle with the number of product SKUs they have, especially if they have limited staff. Plus, PIMs give growing businesses a way to scale, centralizing their catalogs as they add new products, expand their customer service team, and adjust their pricing to meet revenue goals and market demand.

What Is a PIM Tool?

PIM software stores and manages all types of product data. This includes the basic details of a product, like its price and functionality, as well as the full description, dimensions, and benefits. When you purchase a PIM solution with a built-in digital asset management functionality, you open the door to storing all digital assets of the product.

So if you have complicated technical guides, how-to videos, public product demos, video customer testimonials, high-resolution photos, or spec sheets, you can put them all under the same product umbrella. From there, you can organize it all so customers and employees can easily find what they’re looking for. If a company experiences high rates of product returns, low customer retention, or low customer satisfaction, PIM solutions can make a sizable dent in fixing these common problems.

If you’re looking for product information management system examples, consider the functionality of each one. For instance, you typically will want a system that allows multiple authorized users to log in, so they can update product data in real time. The goal of these systems is to be a single source of truth for product data, eliminating the more piecemeal methodologies that often lead to customer disputes.

What Is an Example of a PIM?

If you’re looking for the top 10 PIM software tools, you won’t have any trouble finding an array of software solutions out there. Product information management has proven to be exceptionally valuable to companies, improving their ROI and reducing friction between stakeholders and customers alike.

There are a few things to keep in mind as you run through the option. Perhaps the most important factor is that the market is vast. The more companies recognized the value of PIM, the more players came to the table. This has resulted in software that runs the gamut from basic to highly technical. When it comes to the most complex PIM software examples, some companies are willing to invest in endless training sessions for staff to get up to speed. However, not every company has the resources to devote to these high learning curves.

If you’re looking at Acquia PIM, Akeneo PIM, InRiver PIM, or Salsify PIM, all PIM tools in market are built differently. Some will include digital asset management (DAM), but not all. Some may advertise that they include DAM functionality, when the reality is that they contract out these capabilities to another vendor. All of these details impact how your team uses the software, both when you first purchase it and as new updates and functionality occur.

If you're looking for a robust solution that includes both PIM and DAM, Lumavate has developed a software that streamlines the entire digital experience. Known as a digital experience platform (DXP), our tools seamlessly integrate the most important aspects of product information principles.